After breaking through the trend line of Bitcoin buyers, which has withstood all the beating since 28 July, buyers have stopped the pressure, deciding to rest. The result is a consolidation above the price range of USD 11,100-11,260.
In the previous analysis, we have highlighted only one price mark. But looking at the situation again, we can see that only after a certain fixation under USD 11,100-11,260 we can confidently speak about the continuation of the fall. The fall with the first target of USD 10,500 and final target USD 7500.
As sellers did not continue to fall immediately, there is a chance that buyers will take a pause and try again to test the price mark USD 12,000, where runs the upper trend line of the black channel. So far on the hourly timeframe, we see consolidation on very small volumes. In order for buyers to have a chance for revenge, we need to see a false breakdown of USD 11,100-11,260:
So far, the situation seems to be preparing for the breakdown of this price zone. And the scenario of continued fall remains a major one for us.
After a sharp fall, Bitcoin buyers are trying to recover and increase their marginal positions, but we do not see the light in their eyes:
According to the chart of sellers’ marginal positions, it seems that they will reduce them. Although, at the moment it is only an intuitive assumption, because for now, the consolidation continues:
The global scenario of wave analysis, you can see in the previous analysis. Today, we look at the prospects of a small, hourly timeframe.
After the price fall from 6 August, Bitcoin buyers managed to correct this wave by 78.6%. This correction lasted until 10 August, after which sellers began a new wave of fall. This wave of fall at a price of USD 11,100 will be equal to the wave of fall from 6 August:
This target coincides with the lower price range we mentioned above. In addition, if sellers manage to capture this price range, then the next target is near the 1.618 level (USD 10,440 price mark).
If we analyze the first serious target on the global scenario, we will see that it converges with the target of the local scenario. It only reinforces the importance of this price mark. Critical points have been identified. It remains to see whether sellers will have enough strength to continue the fall immediately. Or we will see another growth wave which will test USD 12,000. Let’s see tomorrow how the weekly candle, which still looks in favor of sellers, will close. Have a nice weekend!